The latest quarterly Wells Fargo/Gallup Small Business Index survey is the latest indicator to show that small businesses are happy and their optimism is growing.
The Small Business Index is a measure of business owners’ present and future optimism, both of which saw upticks this quarter, Gallup reported yesterday.
“Small-business owners remain upbeat about their companies’ financial outlook and the overall national economy and appear to be planning on expansion by applying for new credit products in the coming year,” Gallup concluded. “Although the current U.S. trade and tariff situation is being debated on many levels, relatively few small-business owners say it is affecting their business directly.
“As for challenges, owners remain concerned about core business basics — attracting customers, developing new products for their business and fending off competitors,” Gallup said.
The overall index is rose to +136, up from the +129 recorded in Quarter 2. Fifty-eight percent of owners say their revenues increased in the past 12 months, up six percentage points from Quarter 2, and 64% now say they expect revenues to increase in the future, also up six points over last quarter.
More broadly, small-business owners’ optimism about their financial outlook over the next year has also improved, with 79% now saying they are more optimistic than pessimistic — up from 70% in Quarter 2.